Ichimoku cloud indicator analysis on EURUSD for June 12th, 2023.
June 12, 2023 3:25 pm
EURUSD is trading around 1.0750 after reaching 1.0790 once again today. Price reached last week’s high but got rejected at the resistance. In Ichimoku cloud terms, trend remains bullish in the 4 hour chart as price remains above the Kumo (cloud). As we mentioned in Friday’s analysis, the tenkan-sen (red line indicator) has crossed above the kijun-sen (yellow line indicator) providing a bullish signal. The Chikou span (black line indicator) is now both above the candlestick pattern and above the cloud. The kijun-sen provides support at 1.0729 and the Kumo (cloud) at 1.0707. Bulls do not want to see price break below these two support levels. On the contrary, bulls need to push price above the recent highs and double top at 1.0790.
The material has been provided by InstaForex Company – www.instaforex.com
EURUSD is trading around 1.0750 after reaching 1.0790 once again today. Price reached last week’s high but got rejected at the resistance. In Ichimoku cloud terms, trend remains bullish in the 4 hour chart as price remains above the Kumo (cloud). As we mentioned in Friday’s analysis, the tenkan-sen (red line indicator) has crossed above the kijun-sen (yellow line indicator) providing a bullish signal. The Chikou span (black line indicator) is now both above the candlestick pattern and above the cloud. The kijun-sen provides support at 1.0729 and the Kumo (cloud) at 1.0707. Bulls do not want to see price break below these two support levels. On the contrary, bulls need to push price above the recent highs and double top at 1.0790.
The material has been provided by InstaForex Company – www.instaforex.com
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